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SMM Zinc Market Daily Review (2013-11-21)
Nov 22,2013 10:14CST
price review forecast
Source:SMM
Dragged down by LME zinc prices overnight, SHFE 1402 zinc contract prices opened low at RMB 14,845/mt, and then fell to RMB 14,810/mt.

SHANGHAI, Nov. 22 (SMM) – Dragged down by LME zinc prices overnight, SHFE 1402 zinc contract prices opened low at RMB 14,845/mt, and then fell to RMB 14,810/mt. HSBC's November PMI for China was only 50.4, falling short of expectations and October's levels, and new export orders returned to contraction  trajectory. Enterprises replenished stocks slowly, depressing market sentiment. SHFE zinc prices dropped to RMB 14,790/mt, but stopped falling in the afternoon, closing the day at RMB 14,820/mt, down RMB 50/mt. Trading volumes decreased by 356 lots, to 27,890 lots, and total positions increased by 2,018 lots, to 116,000 lots.

#0 zinc prices were between RMB 14,900-14,930/mt, with spot premiums between RMB 100-130/mt against SHFE 1402 zinc contract prices. Lida branded #1 zinc prices were between RMB 14,870-14,880/mt, and Belgian #0 zinc prices were RMB 14,850/mt, with spot premiums of KZ and SMC #0 zinc RMB 80-100/mt against SHFE 1402 zinc contract prices, trading between RMB 14,880-14,900/mt. SHFE 1402 zinc contract prices opened low at RMB 14,845/mt, then moved weakly since HSBC's November PMI for China was 50.4, falling short of both expectations and October's levels, with market remaining bearish. Smelters were moving goods actively, while downstream buyers purchased goods on an as-needed basis. Traders lacked interest to operate due to the lack of arbitrage opportunities, with transactions muted. Shuangyan branded #0 zinc prices were between RMB 14,920-14,930/mt, and Qinxin, Jiulong and Baohui #0 zinc prices were around RMB 14,900/mt.

 

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